Aug 09
11
Forex News – Pound Sterling Freezing its Losses
Posted by adminrisk consulting services
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The Cable or British Pound Sterling extended its losses that by last week, later the Bank of England expanded its quantitative easing program, a move that surprised the markets. It was widely anticipated based on comparatively good numbers that were posted by the United Kingdom economy in late weeks that the BOE would either not touch or reduce its policy. Though Forex analysts site the triggering of across the board stop-loss sale orders as a major reason for the sharp decline in the Pound on Monday, which would equate the days trading with technical and not fundamental rules.
At 11:50PM GMT, the Sterling/Cable was down to 1.6479, a .4% decrease against the US Dollar, down .4% to the Euro to .8577, down .15% to the Swiss Franc to 1.7887 and down .6% to the Japanese Yen to 160.00.
